I watched the whole thing and thought it was pretty good. Some of the jokes fell flat but others were dead-on. Celebrity Jeopardy was fucking hilarious. It was always a funny skit back then and they nailed it again for the 40th. Weekend Update was also really good, and Jane Curtain seems to have aged the best of the entire 70's cast. Chevy's not lookin' too good...
I skipped over "The Californians" - I just hate that skit.
Someone please tell me what the fuck Sarah Palin was doing there? Out of all the politicians they made fun of over the years, who thought it was a good idea to invite that bimbo? Poor Taylor Swift probably had to listen to Palins incoherent ramblings all night long.
Anyway, good show SNL!